Congress Tackles
Oil Tax Breaks

By

David Hall The Wall Street Journal Online

Updated Jan. 19, 2007 9:16 a.m. ET

In a sign that the oil industry may be facing tougher times ahead with the Democrats in control of Congress, the House passed legislation repealing tax breaks for oil companies and House Speaker Nancy Pelosi proposed creating a select committee on energy independence and global warming.

The House bill would repeal about $7.6 billion in tax breaks for oil drillers and add $6.3 billion in royalties from companies that pump oil and gas from publicly owned waters, and the funds would be reserved to develop alternative energy...